FIRST PACIFIC COMPANY LIMITED 第一太平有限公司
(Incorporated with limited liability under the laws of Bermuda)
Press Release
Friday, 31 July 2015
Indofood financial results on the first semester of 2015 financial resultsThe attached press release was released today in Jakarta by PT Indofood Sukses Makmur Tbk
("Indofood", IDX:INDF), in which the First Pacific Group holds an economic interest of 50.1%.
Indofood is a leading Total Food Solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products and distribution to the market. It is based and listed in Indonesia; its Consumer Branded Products subsidiary PT Indofood CBP Sukses Makmur Tbk and agribusiness subsidiaries PT Salim Ivomas Pratama Tbk and PT PP London Sumatra Indonesia Tbk are also listed in Indonesia. Two other subsidiaries, Indofood Agri Resources Ltd. and China Minzhong Food Corporation Limited, are listed in Singapore, and an agribusiness associate Roxas Holdings Inc. is listed in the Philippines. Through its five complementary Strategic Business groups, Indofood manufactures and distributes a wide range of food products: Consumer Branded Products (noodles, dairy, non-alcoholic beverages, snack foods, food seasonings, and nutrition and special foods), Bogasari (flour and pasta), Agribusiness (oil palm, rubber, sugar cane, cocoa and tea plantations, cooking oils, margarine and shortenings), Distribution and Cultivation & Processed Vegetables (fresh and processed vegetables).
Indofood is one of the world's largest manufacturer by volume of wheat-based instant noodles, one of the largest plantation companies by area and the largest flour miller in Indonesia. Indofood also has an extensive distribution network across Indonesia.
Further information on Indofood can be found at www.indofood.com
* * *
For further information, please contact:
John Ryan Tel: +852 2842 4355
Executive Vice President Mobile: +852 6336 1411
Group Corporate Communications
Sara Cheung Tel: +852 2842 4336
Vice President
Group Corporate Communications
l cd,PRESS RELEASE For Immediate Release
INDOFOOD FINANCIAL RESULTS ON THE FIRST SEMESTER OF 2015 FINANCIAL RESULTS
• Consolidated net sales increased 3.7% to Rp32.63 trillion
• lncome from operations slightly increased 0.5% to Rp3.85 trillion
• Underlying performance, core profit declined 8.2% to Rp2.08 trillion
• Earnings per share ("EPS") was Rp197
Jakarta, 31 July 2015 - PT lndofood Sukses Makmur Tbk ("lndofood" or the "Company'') today announced its financial results for the period ended on 30 June 2015. Consolidated net sales increased
3.7% to Rp32.63 trillion from Rp31.48 trillion in the same period last year. The Company's Strategie Business Groups ("Group"), namely Consumer Branded Products ("CBP"), Bogasari, Agribusiness and Distribution Group contributed around 50%, 24%, 18%, and 8% respectively.
lncome from operations slightly increased 0.5% to Rp3.85 trillion from Rp3.83 trillion, while operating margin declined 40bps to 11.8%, mainly due to weaker Agribusiness performance as a result of lower average selling prices of palm products. Income for the period attributable to equity holders of the parent entity declined 25.3% to Rp1.73 trillion from Rp2.32 trillion and net margin declined to 5.3% from 7.4%, mainly attributable to unrealized foreign exchange losses due to rupiah depreciation. Core profit, which reflects underlying performance declined 8.2% to Rp2.08 trillion from Rp2.27 trillion.
Anthoni Salim, the President Director and Chief Executive Officer of lndofood, said: "Our resilient business model has provided us with a solid foundation in the midst of less favorable macro conditions. We will persevere in executing our strategies to achieve sustainable growth and overcome the challenges ahead."
---End---
About PT lndofood Sukses Makmur Tbk
PT lndofood Sukses Makmur Tbk ("lndofood") (IDX: INOF) is a leading Total Food Solutions Company with operation spanning from the production of raw materials and their processing, to consumer products in the market.
PT IND FOOD SUKSES MAKMUR Tbk
Sudirman Plaza
lndofood Tower. 25'" Floor
Jl. Jend. Sudirman Kav. 76- 78
Jakarta l291O. Indonesia
T. +6221 5795 8822
F. +6221 5793 7373 www.indofood.co.id
lndofood capitalizes on a resilient business model with five complementary Strategie Business Groups
("Group"), namely:
• Consumer Branded Products, its business activities are conducted by PT lndofood CBP Sukses
Makmur Tbk ("ICBP"), which was listed on Indonesia Stock Exchange ("IDX") since October 7,
2010. ICBP is one of the leading consumer branded product producers in Indonesia, with a wide range of consumer products. In 2013, ICBP started its non-alcoholic beverage business, and has current product portfolio of ready-to-drink tea and coffee, packaged water, carbonated soft drinks and fruit juice drinks.
• Bogasari. The Group is primarily a producer of wheat flour as well as pasta, with business operations supported by its own shipping and packaging units.
• Agribusiness. The Group is led by lndofood Agri Resources Ltd. ("lndoAgri"), listed on the Singapore Stock Exchange ("SGX"). 8oth of lndoAgri's two operating subsidiaries PT Salim lvomas Pratama Tbk and PT PP London Sumatra Indonesia Tbk, are listed an the IDX. The Group's principal activities range from research and development, seed breeding, oil palm cultivation and milling to the production and marketing of branded cooking oils, margarine and shortening. In addition, the Group is also involved in the cultivation and processing of rubber and sugar cane, as well as other crops. In 2013, lndoAgri initiated expansion of its global business through equity investment in the sugar business in Brazil and the Philippines.
• Distribution. With the most extensive distribution network in Indonesia, this Group distributes the majority of lndofood's and its subsidiaries' consumer products, as well as other third-party products.
• Cultivation & Processed Vegetables. Cultivation and processed vegetables group activities are conducted by China Minzhong Food Corporation Limited ("CMFC"), which is listed an the SGX and is an integrated vegetable processing company in the People's Republic of China. Through its decades of experience, CMFC has developed an integrated demand-driven operation with wide-ranging cultivation and processing capabilities. In addition, CMFC also has a branded products operation.
Far further information, please contact:
Elly Putranti
Corporate Secretary
PT lndofood Sukses Makmur Tbk
Tel : +6221 5795 8822
Fax:+6221 57937373
Email: elly.putranti@indofood.co.id
2
PT INDFOOD SUKSES MAKMURTbk
ANO SUBS DAI RIES
SUDIRMAN PLAZAI,NOOFOOD TOWEA,27th Floor, Jolan JenderalSudirmon Kov. 76 78,Jukorto 12910, INDONESAI
Phone :(62- 211 57958822 Fax:( 62 - 21) 57935960 www.lndo ood.com
CONSOUDATED STATEMENT OF RNANC AL POSITION CONSOLIDATED STATEMENT OF COMPREHENSI'IEINCOME CONSOLIDATED STATEMENT OF CASH FLOWS Aso1June30,2015 For the Slx- Months Perlod Ended June 30,2015 For the Six - Months Period Ended June30,2015
(ExpressedIn MllllonsoRl upai h,Unless OtheIn Milllons oRl uplah,Unless Otherwlse Stated) (ExpressedIn Mllllons oRl upai h,Unless Otherwlse Stated) (Unaudlted) (Unaudlted) (Unaudlted)
Dealmber31, Xl1U Oeeellfler31,20131 2014
Oecetnbef31,2014 January ,2014 Deoemberll,Zl4 Janua-y,2014 2015 (SIK llonth•) 2(115 2014
ASSET S
-June30,2(115-(AsResta1001-(!sRessalol) UABIUTIES ANOEOLITY
-June30, 201S- -(AsReo!DIOO) (AsRestaled) (Six Months:• (AsRestotoo) (S x Months) (Six Months)
CURRENT ASSETS UABIUTIES CONTINUINGOPERATIONS
Coshandcashenls 12,403,682 14,157,619 13.686.194 CURRENT LIABILITIES NETSAUES 32,634,70! 31,483,573 CASHFLOWSFROIOI PERATIIIG ACTIVInES
Short-termbank loans andoverdratt 5,961,594 5,069,833 4,625,586 COST OF GOOOSSOLID 23,682,39C 22, 973 076Cash received!rom customers 31,092,874 33,653,077
Tlne Oeposits 3,39B,300 Trust receiplS pay:lble 4,955,936 3,922,784 4,103,558 GROSS PROFlT 8,952,31! 8,510,497 Cashpaidtosuf:Piers
ShorHerm investrnents 1,284,609 665,340 692 832 Trade poyables Ptsfcf production ond opera1ingeKp!flses
1r7.,225735,.46276!
(18,112,479! (7,072,979
Thirclparties 4,296,37B 3,307,584 3,400,715 Sellni g anddistJibution expenses (3,587,666) (29, 59,055) Poymentslo empbyees 2,867,033 !2,967,382) Aocounts reooivable Aelatedpartei s 625,124 539,400 277,135 Generar and administralive expenses (1,735,095) (1,852,040) Cashgeneroted flomoperotions 4,696,743 5,500,237
Trade O er poya es • Th rdporles 1,474,507 1,303,973 1,172,720 Otheropera1ing income 428,32 302,825 Receipts of interestincome 374,864 407,656
Accrued expenses 1,929,709 2.051,104 1,513,147 01heroperatni g expenses !169, 534) Payments ofinterest expense (772,635) (760,715)
Thidparties· nel 4 280,996 2,986,729 4,360,898
ShorHarm employee beneilsliabi y 851,34B 72B,613 770,224 lNCOMEFROIIOPERATIONS 3,850,75C 3,832,693 Payments oftaxes-l'let (965,284) (1,088,316)
Retatsdparlies 846,515 553,910 375,733 Ta:xes poyable 475,95B 479 296 305,536
Current maturitiesolk>ng-term debts Flnance lncome 374,76 434,336 :o !;Opmting Aclivities
Non- ade BonkiOJns 2,346,566 1,091,748 954,935 Financa expenses (14, B2,070) (758,416)
Thirdpartles 484,625 496,276 3221, 14 Bonds poyable andSUkJk ljarahpoyalles 2,336,642 Share net loss of associates (174,404) (73,888) CASHFLOWSFROIIINVESnHGACTIVITIES
!38,089) !105,125)
3, 295, 599 3, 953,737
AetaJedpan es 333,869 302,755 20B,269
Liability !orpurchases olftxedassets 12,259 11,349 11,111 Proooedsfrom SJ!eoflixedassets 9,490 18,825
l.ia ities directly o:ssociatedwith disposalgroup classiialashelds tar sale 4,784,703 4,176,022 ---- lNCOMEBEFOREINCOME TAX EXPENSE 2,569,03 3,434 725Ad:litionstotixed asse1sandpbnWtions
lmootories·net 9 682,832 8,454,845 B.160.539
TotalCurrent Liabi ities 27,714,082 22 681686 19,471,309
lncome Tax nse-Net (840,362) (889,608)
Acquisitioflol Subsidi!fies,neto1cas acQ.Jired
!1,996,464! (2,435,529!
1,049,827 (34,952
Advances and deposits 1 045,836 646,497 6844,10
Ad:il!lonsshor1·1ermill'eslment (457,100
PrtlJBitllal;tl'S 435,953 345,967 203,&19 NON CUnnENT LIAOILITI:S lfo.IC':('}MEFOR THE PERIOnFFIOPI.I Ad.a' nces tar çrojeo::lsand fil:eda !334,163! (274,232! Future crop 8):p;tnd1i Ures 159,491 161,819 143.896 Long-termdebts •net of cunnt marurities 1,728,6n 2,545,117 Capìized future Cdflecrops expendnures (71,656) (108,262) Prepaidexpenses andothercurenlasse1s 372 450 391,057 355 291 Bonds payable 3,987,242 3 985,409 1,993,227 A DI SCOIITINUED OPERATIONlnvestment in time deposits (2,651,552)
Assets oldisposalgroopclassllodas he or sale 12,455,869 11,832,922 liabiltiy tor purchases olfixedassets
1§.lli1M11 INCOMEFOA THE PEAIOOFAOM lnvestmentincono"OOJe l'd:
!57,020)
TotalCurrent Asseta
43,768,527 40,995,736
32,772,095
TotalLong-termdebts 16,3741, 83 16,837,876 15,324,315 A DISCONTINUEO OPERATION 392,21,867
NeCl osh Usod io lnvooting Ac1iYitieo (4,138,194) (6,004,678)
NON-CURRENT ASSETS
---- ---- Detenedtaxliabil!1ies •net 1,152,966 1,011,716 1,109,020 lNCOMEFOR THE PEAIOO 2,120,88 3,026,964
Due torelated partles 432,319 523 202 515,443
Liabiòies lor em oyee berefits 5,007,446 4,706 587 4,073,515 Othor comprehonsiYeincomo(loss)
Esthmted liobi1l eslor .: ssetsdismantilngcosts 76,794 59,001 50,923 Unre-alizedQiilns( osses) oo a·taiab!(!..for-sale financialasset-s 154,323 (23,704) Other longt·efmpay:bte 136,166 Exchange dilferenceson tlanslatoi n of financlal
Ctaims for tax refund 83,920 456,683 565,241 Advanceslor stocksubscrlption from non-controlling lnterests statements 196,76 (247,763) Gapital conuibution from non-eontrolling interests 220,368 147,548
Plasma reoolvaes ·nel 696 688 618,026 632,681 TotalNon-CJnOflt liabilitllr.l 23,043,70B 23,13B.382 Falr value !)à ln arislnglromcashflO'H hedges 2,30C 1,710 Prooeeds of ong-term borrOin, gs lromreatedp3.rties 129,000
Deelrredtalassets· nel 2,082,873 1,742,851 1 415 894 TOTALLIABIUTIES 50,757,790 45,820 068 40,893,841
Remeasurement Gf definedbenefdoblgation
Othor comprohonsvi eincomo(lossos) 343,03E (284,600)
Paymento! cash di•iidends (1,931,694)
Payments cf short-term bonk loons (1,506,769) (1,877,453)
Long·tEKminvestments 1,980,443 1,877,887 1,573,095
Paymentsof long-term bonk oans (667,863) (5B5,B36) Payments of cashdividends t:1t Subsidai ries to
Plantatlons EQUITV TOTALCOt.tPREHENSIVE lllCOME FOR THEPERIOD 2,463,92 2,742,384 non·control nginteresls (573,164) (4,378)
Mature plamations-net 5 296,476 5,116,106 4,742 845 Ct: pikllstock RptOO(MI.:mount) P1'Yalue per shr;re lncomefor theperiodattributableto: Purchase of treasury stock by.:subsidiary (151,903) (166,257) Aulhorlzed• 30 000,00 000 shares Pùymentorlt.JI)iIf'Jfor p. rchose of fixed ossets (1,86B)
lmmarur& plantatoi ns 3,248,095 3,197,449 2,847,525 lssuefuly paid- 8780.426,500 shares 87B,043 87B,043 878,043 E"'llyholders of lheporent entyi
1,730,924 2,317,412 Prooeed!romissuonce alRupiohbonds VIIn·el 1,989,470
Industriaiimbef antatioos • nel 285 971 279,221 269 020
Addtiional pt: id-in cal=ital 522,249 522,249 522,249 Non>(:()nlrlingilterests 389,96! 709 572 Prooeeds from adi:iJnces!et stocksubsctìp1ion tram
Unreoiz.edgalns onavallable ·IDr·sale linanclolassets 6901, 62 539,039 554,051 Total non control nginterests 19,600
Fò:edassets • nel 23,606,546 22,011,488 22,237,681 Oitference fiomchangine(!UityorSubsidiaries Paymento Rupi:lh bonds V(]610 000)
De erredcllarges ·nel 830,561 596,345 529,943 andef1eQs oltransactio1s wthi non-control nginterests 6,681,789 6,837,221 6,579,227 Totaleomprehensive income NeCl "h Provlden) Financni g Activìties (1,269, 514) 2,965,117
Exehange ditferencesontrans atlonof llnancal lstatements 722,819 520,453 1,266,586 for tIleperiod aUributae to:
Goodwil 3,976,524 3,976,524 3,970,420 Reserve oldisposalgroup as heldfar sale 402,861 387,359 E JItyholders altheparent entity 2,094,95E 2,016,533 NHEFFECTSOFCHANGESIHEXCHANGE
lntangie assets •nel 2,694 654 2,761,473 1 931,957 Retained earn ngs Non-conlrolingi1terests 368 96 725 851 RATI:S OHCASH AHD CASHEQUIVALEIITS 338, 850 (113,634)
Long-termpepoyments 997 347 761,489 1 280 156
Approprlated1Gr genera reserle 95,000 90 000 85,000 Total 246-3,92- !
Unapproprai ted 15312 086 15 530 036 12686831
2,742,384 NEINI CIILISE (DECREASE)IHCAsti AllOCASIIEOUIVi liHS (1,773,259) 800,542
Advances Of stocksubscriptiooinassociate 259,700 Equity AltribulableloEquity Holdors of theParcnt Entity 25,305,009 25 104,400 22,791,969 BASICEAR IIGSPERstiAREFROICI OIITIIIUIIIG OPERA IOIIS CAsti AHOCASHEOVALENTSAIHI EBEGINNIIIG OFPEOOD 14,040,435 13,518,709
Othernon-o,urenla.sselS 1 845 031 1,702,988 2,749,727
ATTRI8UTABLEIOElllllllHOLOERS OFTHEPAREN ENIITl CASH ANDCASHEQVALENTSAT ENDCF PERIOO 12,267,176 14,319,251
Non-conlroll nglnteres1s 15,329,057 15,169,798 14,092,130 (llaOO160 219
Total lon Cutrent Assets 47,625,329 45,098,530 45,005,845 ---- ---- Cashandcashequiva entaoonslstof:
TolalEquhy 40,634,066 40,274,198 36,684,099 BASICEAR IIGSPERstilAEFROII DISCCllTIUED OPERAilOil Gashandcashequiwilents 12,403,682 14,346,508
!TIRIIIIJTABLEIOEOOIT"IHOLDERS OFHIEPARENEINniY CNerdrah !136,506) !27,257)
TOTAL ASSETS 91,391658 86,094,266 77,777,940 TOTALLIABIUTIES ANOEQUITY 91,391,856 86,094,266 77.m.940
l( laOOn 37 45 Nel 12,2671, 76 14,319,251
Notes: 1. The financai l information as of and forlhe six months ended June30,2015 and 2014 is unaudited. Jakarta,July 31,2015
2. Theif nancial information as of December 31,2014 and2013 is derived !rom the consolidated financial slalement, which has been audited by Purwanlono, Suherman & Surja (PSS),a member firm of Ernst & Young GlobalLimitedindependent auditors, after the restatement of the financial statement asdescribedinpoint 3 below.
3. Theif nancial pos tion as olDecember 31,2014,and December 31, 2013/January 1,2014 and theconsoldated slatement of oomprehensive income for the sixm· onths period ended June 30,2014 were restated due to implementalion of certainrevised The Board of Directors lndonesianFinancialAccounting Standard (PSAK) effective y onJanuary 1.2015. Certt:ininformai:on such as consolidt:ted statement of changesin equrty tmd notes to he consolidt: ted financialstatements are not includedin the informa ion presen:ed above.
4. The foreign exchonge rales used to tronslale the loreign currency monelary assels and liabi 1tieslo Rupiah currency as of June 30,2015,December 31,2014,and December 31,2013/January 1, 2014 were Rp13.332.Rp12,440 and Rp12.189 (lull amount), respecliveyl ,to US$1
PT IND@FOOD SUKSESMAKMUR Tbk
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